My name is Cameron Matos and I am a second year general chemistry major. One of my talents is to talk to people and provide them with honest feedback and information. I rarely sugar coat things, so when people talk to me they know they can get my honest opinion and won't have to read between the lines to find what I mean. I also have a talent to approach people who may be in a delicate situation and help them to figure it out. This is due to many experiences in my life. Many people that have been around me have needed someone to help them in a difficult situation and this has helped me to develop characteristics to cater to this need. My aspirations are to simply live a comfortable and sustainable life. I don't want to make billions of dollars and buy expensive things, I simply want to make enough money to live the lifestyle I desire and maintain it. If I was to start this business I would invest a large majority of my time into it and have it grow to it's fullest potential. If this hope is achieved I would use the profits to branch off into different areas in order to create more profit to either put into the other ventures or back into the business.
2.What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
The product that I am offering to potential customers is a more accurate and convenient way of finding an apartment to live in. The product will be offered primarily online but will also have a physical location for those who are not trusting of an online product such as this. The physical location will also be for anyone who may need help with the product or help with their search in general. The primary unmet need that I am filling is the ability to find accurate information in a convenient and quick manner. Many products like mine today have information available but it is often times inaccurate, which forces you to go to the source and find out what the prices and other key factors are in person.
3.Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
The people this product is being offered to is those looking to live in an apartment. This happens to be a very wide range of people from all different backgrounds. People of all different incomes, backgrounds, and dispositions will want to use this product to save themselves precious time and patience. The one thing that all of these people will have in common is their belief that finding an apartment to move into will be a long and harrowing process.
4.Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
People will use this product because of the fact that wasting time and resources is against their nature. What I mean by this is that people don't do things that are counter productive for them when they have a choice to streamline what they are doing. My product will be the best possible option for them because other products like mine aren't accurate in a lot of cases. This causes unneeded work after using them by having to recheck the information and make sure that is completely accurate, which wastes time.
5.What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
I know for a fact that there are many products out there now that are very similar to my product. However these products are not as accurate as mine since many give you a range of prices or a price at the end of a leasing period. These prices do not help people who are considering moving somewhere as they will more likely than not change when they go to move in. That is why my product will have day to day updates to ensure that when someone decides where they want to go they exactly what they are getting into. The primary thing that sets my product apart from the rest is the constant updates to information and the accuracy of the information.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
I still believe that these elements blend very well together and help to strengthen my business. I do still have concern on how to make the product stand out in order to draw customers in originally. My concerns with limiting my market have been solved and I am happy with the target that I have. My thoughts on using this product to search for houses as well was put to rest after an interview I had in a past assignment. The apartment market is a better place for this product since it is much more fluid and harder for people themselves to keep up with. Other than my one concern I believe that this product has come along quite well and I hope it continues to come together.
Summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin.
The first take away that I had from my feedback was that my original was well put together and well thought out. So from this point I tried to further think out my product and organize it better so that it is even easier to see where I want to go with my product. Another piece of feedback I got was that the use of day to day updates were a very desirable feature of the product. I have started to think more about how to apply this feature and how to make it more convenient for my product to obtain this information. These two points of feedback primarily made me think more about the product and develop a more well thought out plan for the product. I applied this new plan into the napkin in order to better showcase what this product will be like and how it will help my potential customers.
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